LOUISVILLE, COLO. — Tepuy Properties has completed the disposition of a property located at 385 S. Pierce Ave. in Louisville. Centre Point Properties acquired the asset for $8.7 million. The property features 43,770 square feet of flex space. Tepuy originally purchased the property for $2.5 million. Jaime Pletcher of Gibbons White represented the seller, while Cody Stambaugh and Mark Alley of Pinnacle Real Estate represented the buyer in the deal.
NEW YORK CITY — New York City-based Vesper Holdings has acquired a four-property, 2,761-bed student housing portfolio for approximately $240 million. The properties are located in Georgia, Virginia, Kentucky and Indiana. Jaclyn Fitts of CBRE negotiated the transaction on behalf of the undisclosed seller. The properties in the portfolio include a 635-bed community located near Indiana University in Bloomington, Ind.; a 699-bed community located near the University of Kentucky in Lexington, Ky.; a 736-bed community located near Kennesaw State University in Kennesaw, Ga.; and a 691-bed community located near Virginia Commonwealth University in Richmond, Va. The portfolio had an average occupancy of 97 percent at the time of sale. This transaction brings Vesper’s portfolio to a total of 23,544 beds. Vesper’s portfolio is managed by Vesper’s subsidiary property management company, Campus Life & Style.
NEWPORT NEWS, VA. — Berkadia has secured $36.6 million in HUD-insured construction financing for Huntington Pointe Apartments, a 176-unit multifamily project in the Hampton Roads city of Newport News. Amy Gay and Stephen Murden of Berkadia secured the loan on behalf of the borrower, Virginia-based The Breeden Co. The 40-year HUD 221(d)(4) loan was financed through the HUD Green MIP Reduction program and features a fixed 3.36 percent interest rate and an 85 percent loan-to-cost ratio. Designed by Humphreys & Partners Architects, Huntington Pointe will offer one-, two- and three-bedroom floor plans in one elevator building and two carriage-style, walk-up buildings. Community amenities will include a swimming pool, clubhouse with a clubroom, kitchen, business office and a fitness center. Located at 903 Denbigh Blvd., the property is situated about two miles from Newport News/Williamsburg International Airport and 30 miles from Norfolk.
MACON, GA. — Marcus & Millichap has brokered the sale of two multifamily properties in Macon that were sold for a total of $26.2 million. Mason Taylor and John McCalla of Marcus & Millichap represented the seller, New York-based Exact Capital Group LLC, in the transaction. Glenn Cove Group LLC purchased the property. The two properties included Hidden Lakes, a two-story, 144-unit apartment community located at 180 Hidden Lakes Court on 12 acres, and Shadowood West, a two-story, 152-unit apartment community located at 4394 W. Highland Drive on 19 acres. Both properties were 96 percent occupied at the time of sale. Community amenities at both properties include swimming pools, fitness centers, onsite management teams, 24-hour emergency maintenance, clubhouses, laundry centers, playgrounds, sand volleyball pits and fishing ponds.
ALEXANDRIA, VA. — Douglas Development has purchased 515 King St., a 70,000-square-foot office property in Alexandria. JLL represented the undisclosed seller in the $12 million transaction. The office property recently had renovations completed, including a lobby renovation, ground-floor retail renovation, designated office suites and the upgrade of coworking spaces. Additional plans called for refreshing the public spaces and incorporating a gym and locker rooms. Douglas Development is currently negotiating with perspective tenants for the retail spaces, with the anticipation of a restaurant opening. Located in the heart of Old Town Alexandria, 515 King St. is situated about nine miles from Washington, D.C.
CUMMING, GA. — Franklin Street has arranged a 20,388-square-foot lease with Burlington at Cumming Town Center, a 311,396-square-foot shopping center in Cumming, about 35 miles north of Atlanta. Sam Kreuger and Kaitlyn Theriot of Franklin Street represented the landlord, Beachwood, Ohio-based Site Centers. The publicly traded REIT focuses on investing in well-positioned shopping centers such as Cumming Town Center, which is now fully leased. The space that Burlington is backfilling was formerly occupied by Staples. Other tenants at the property include T.J. Maxx, Dick’s Sporting Goods, Ulta Beauty, Best Buy, Old Navy, Five Below, Petco and Ashley Furniture Homestore. Located at 2475 Marketplace Blvd., the property is situated 39 miles from downtown Atlanta and about 20 miles from Lake Lanier.
DALLAS — RREAF Communities, a division of Dallas-based RREAF Holdings, has acquired 3,173 acres at the intersection of State Highways 130 and 80 in Central Texas’ Caldwell County for the development of a master-planned community. Preliminary plans call for thousands of residential homes in various product types, as well as retail, restaurants, hotels, offices, healthcare and light industrial uses and future school sites. A construction timeline has not yet been established.
HUTTO, TEXAS — JLL has negotiated the sale of Innovation Business Park, a 361,467-square-foot industrial development located in the northern Austin suburb of Hutto. The two-building complex was constructed in 2019 and 2020 and is leased to Western Industries, Three Way Logistics and Barnsco. Building features include 30- to 32-foot clear heights, 96 dock-high doors, a shared 200-foot-deep truck court, 536 parking spaces and ESFR sprinkler systems. Trent Agnew, Dustin Volz, Dom Espinosa, Josh Villarreal and Matthew Barge of JLL represented the seller, a partnership between Ledo Capital Group and St. Clair Commercial Real Estate, in the transaction. Chicago-based investment firm CenterPoint Properties purchased the asset for an undisclosed price.
HOUSTON — New York City-based investment firm Cadre has sold Lodge at Copperfield, a 330-unit apartment community in Houston. The property features one-, two- and three-bedroom units that are furnished with stainless steel appliances, built-in desks, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, business center, clubhouse, outdoor grilling and dining areas and a dog park. Cadre originally acquired the property in 2018 and implemented a value-add program. The sales price was not disclosed. The undisclosed buyer has since rebranded the property as Weston at Copperfield.
DALLAS — Weitzman has completed the renovation of Meadow Central Market, a 107,778-square-foot shopping center in North Dallas. The project centered on the remodeling of the store of the anchor tenant, grocer Tom Thumb, which now features an expanded beer and wine selection, a full-service seafood department, expanded bakery and remodeled produce, dairy and meat departments. Weitzman also upgraded the center’s façade, signage, landscaping, parking and security. Other tenants at Meadow Center Market include CVS, Edible Arrangements, The UPS Store and Sylvan Learning Center.
